Funding arb · Price arb /

ONDO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0557%/8h= +61.0% APRpaid last 24h −1.616%

Price spread now: Phemex against dYdX+0.036%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$622as in the Funding arb table

Net, price: spread back to 7d avg − costs−$330as in the Price arb table

costs, in and out, $10k−$3313.315% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.906%−$291 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now +0.036%, 7d avg +0.024%

Together, before fees−2.966%−$297 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.024%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −2.906%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ONDO-USD	0.4402	0	get 0.0000% / 1h	19m 39s	$249K	$130K	5x
Short	Phemex ONDOUSDT	0.4404	0.0557	get 0.0278% / 4h	2h 19m	$4.2M	$7.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee dYdXbpFee PhemexbpOrdersPrice spread, now +0.036%Rate

Funding earned: $116.9
Price spread: +0.036% → +0.024%: $1.21
Slippage, 4 orders: −$309.48
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$213.38
Costs to cover: 3.315%
Break-even: 19.8 days

Slippage from dYdX: live order book, 49 min ago; Phemex: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy dYdX live order book, 49 min ago	130.76 bp	135.8 bp −$136	175.9 bp −$1,759	464.6 bp −$46.5K	1447.9 bp −$724.0K
Sell Phemex live order book, 4 min ago	6.79 bp	17.2 bp −$17	27.3 bp −$273	doesn't fit	doesn't fit

ONDO on 38 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_ONDOUSD	−0.0363%	1h	0.4403	+0.023%	$2.6M	$8.1M	50x	as long as short
dYdX ONDO-USDlong	0.0000%	1h	0.4402	long leg	$249K	$130K	5x
gTrade (Gains Network) ONDO/USD	L +0.0003% / S −0.0008%	1h	0.4403	+0.007%	$6K	—	150x	as long as short
Injective ONDO/USDC PERP	+0.0033%	1h	0.4568	+3.761%	$888	$216K	5.5x	as long as short
Orderly PERP_ONDO_USDC	+0.0099%	4h	0.4403	+0.013%	$24K	$6K	10x	as long as short
Nado ONDO-PERP	+0.0100%	1h	0.4407	+0.115%	$386K	$858K	10x	as long as short
Aster ONDOUSDT	+0.0100%	4h	0.4408	+0.138%	$673K	$2.1M	20x	as long as short
Binance ONDOUSDT	+0.0100%	4h	0.4406	+0.081%	$63.9M	$231.2M	75x	as long as short
Bybit ONDOUSDT	+0.0100%	4h	0.4405	+0.059%	$69.8M	$125.3M	50x	as long as short
OKX ONDO-USDT-SWAP	+0.0100%	4h	0.4405	+0.059%	$17.0M	$75.4M	50x	as long as short

Show all 38 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps ONDO-USD.P	+0.0100%	1h	0.4418	+0.356%	$72K	$88K	10x	as long as short
RISEx ONDO/USDC	+0.0100%	1h	0.4405	+0.053%	—	—	5x	as long as short
Gate ONDO_USDT	+0.0100%	4h	0.4403	+0.013%	$11.6M	$16.4M	50x	as long as short
MEXC ONDO_USDT	+0.0100%	4h	0.4404	+0.036%	$45.6M	$43.4M	200x	as long as short
KuCoin ONDOUSDTM	+0.0100%	4h	0.4404	+0.036%	$13.1M	$11.1M	50x	as long as short
Bitget ONDOUSDT	+0.0100%	4h	0.4403	+0.013%	$25.0M	$40.4M	50x	as long as short
BingX ONDO-USDT	+0.0100%	4h	0.4405	+0.059%	—	$22.3M	—	as long as short
Variational Omni ONDO	+0.0100%	4h	0.4416	+0.301%	$769K	$1.8M	—	as long as short
edgeX ONDOUSDC	+0.0100%	4h	0.4417	+0.340%	$5K	$319K	20x	as long as short
GRVT ONDO_USDT_Perp	+0.0100%	4h	0.4419	+0.366%	$419K	$976K	10x	as long as short
ApeX Omni ONDOUSDT	+0.0100%	1h	0.4416	+0.308%	$136K	$366K	50x	as long as short
Polymarket Perps ONDO-USD	+0.0100%	1h	0.4407	+0.095%	$93K	$1.4M	10x	as long as short
SunX ONDO-USDT	+0.0100%	4h	0.4404	+0.036%	—	$1.4M	20x	as long as short
SoDEX ONDO-USD	+0.0100%	1h	0.4405	+0.059%	$458	$13K	10x	as long as short
HTX ONDO-USDT	+0.0100%	4h	0.4414	+0.263%	$129K	$512K	50x	as long as short
Paradex ONDO-USD-PERP	+0.0103%	8h	0.4406	+0.072%	$6K	—	10x	as long as short
Extended ONDO-USD	+0.0104%	1h	0.4405	+0.066%	$398K	$823K	25x	as long as short
Aevo ONDO-PERP	+0.0104%	1h	0.4406	+0.093%	$38K	$13K	3x	as long as short
Backpack ONDO_USDC_PERP	+0.0129%	1h	0.4409	+0.158%	$201K	$1.0M	15x	as long as short
Deribit ONDO_USDC-PERPETUAL	+0.0204%	1h	0.4404	+0.036%	$23K	$349K	25x	as long as short
Hyperliquid ONDO	+0.0285%	1h	0.4410	+0.179%	$38.9M	$25.7M	10x	as long as short
Coinbase International ONDO-PERP-INTX	+0.0328%	1h	0.4422	+0.445%	$284K	$745K	50x	as long as short
Phoenix ONDO	+0.0338%	1h	0.4425	+0.517%	$35K	$231K	10x	as long as short
01 Exchange ONDOUSD	+0.0352%	1h	0.4410	+0.168%	$363	$2K	10x	as long as short
GMX ONDO/USD [ETH-USDC]	L +0.0550% / S −0.0190%	1h	0.4402	−0.013%	$486K	—	100x	as long as short
Phemex ONDOUSDTshort	+0.0557%	4h	0.4404	+0.036%	$4.2M	$7.4M	50x
Lighter ONDO	+0.0776%	1h	0.4415	+0.283%	$1.4M	$2.1M	10x	as long as short
Reya ONDORUSDPERP	+0.1148%	1h	0.4406	+0.086%	$2K	—	20x	as long as short